风险提示： 宏观经济政策风险，基建投资低于预期等。 报告导读： 国常会研究进一步做好节能降碳工作。我们建议关注新型电力系统建设相关机 会。国务院以新型城镇化为主题开展集体学习，再提城市更新和稳楼市等。 国常会研究进一步做好节能降碳工作。我们建议关注新型电力系统建设相关机会。 (1)12月5日召开国务院常务会议，研究进一步做好节能降碳工作。节能降碳 是推进碳达峰碳中和、加快发展方式绿色转型的重要抓手。要更高水平更高质量做好节能降碳工作，加大统筹力度，锚定总体目标，因地制宜推进，在经济发 展中促进绿色转型、在绿色转型中实现更好发展。要切实增强节能降碳内生动力，充分发挥政策效应，不断完善市场机制，有效调动全社会的积极性，加快形 成绿色生产生活方式。(2)建筑板块关注新型电力系统建设，如风电、光伏能源施工板块，分布式光伏，抽水蓄能和新型储能，虚拟电厂，氢能产业链建设 等。 国务院以新型城镇化为主题开展集体学习，再提城市更新和稳楼市等。 (1)12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格 局"为主题进行专题学习。新型城镇化是扩大内需和促进产业升级、做强国内大循环的重要载体。展望"十五五" ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Insights - The energy storage lithium battery sector is experiencing strong demand even in the off-season, with significant growth expected in 2025. The report highlights advancements in humanoid robotics and artificial intelligence-driven automation (AIDC) as key growth areas [1][3] Industry Trends - The electric equipment sector saw a slight increase of 0.22%, underperforming compared to the broader market. Wind power rose by 3.48%, while solar energy saw a decline of 1.61% [3] - The humanoid robot sector is gaining momentum, with significant developments such as the establishment of a national training base for humanoid robots in Beijing and the launch of emotional companion robots by companies like UBTECH [3] - In energy storage, there is a push for virtual power plant models in photovoltaic projects, and integrated "source-grid-load-storage" systems are being promoted in pilot areas [3] Market Data - In November, the wholesale sales of new energy vehicles in China reached 1.72 million units, a year-on-year increase of 20% [3] - The average price of cobalt increased by 2.6% to 413,500 CNY per ton, while lithium carbonate prices saw a slight decrease of 0.5% [3] - The report notes that the total investment in the power grid is projected to be 23.1 billion CNY, with the approval of a high-voltage AC project expected to commence next year [3] Investment Strategy - The report emphasizes the expected 60%+ growth in large-scale energy storage demand in China, driven by new pricing policies and robust market conditions. It forecasts a global energy storage installation growth of 50-60% in the coming year [3] - The report recommends several companies for investment, including CATL, Sungrow Power, and BYD, highlighting their strong market positions and growth potential [6]

投资要点： 锂电板块核心观点：固态电池产业化加速，电解液/隔膜价格继续上涨。1） 固态电池产业化进程再按"加速键"；2）部分锂电材料价格继续上涨。 业 定 期 报 告 光伏板块核心观点：美对华光伏关键设备关税豁免期限延长一年，是利好 也是警示。近日，美国贸易代表办公室发布公告，决定将针对中国光伏制造设 备的 178 项"301 条款"关税豁免期限延长一年，本质是其在能源转型需求与 保护主义间的现实妥协，这为中国光伏企业维持对美出口提供了关键缓冲期。 但长期来看，美国构建"去中国化"供应链的战略方向并未改变。中国产业真 正的核心优势，在于持续领先的技术迭代与规模化制造能力，企业应借此窗口， 进一步巩固技术壁垒与全球化布局，以应对未来更复杂的贸易环境。 风电板块核心观点：中国风电企业全球竞争力不断增强，中国电建 2026 年风电框架招标指引乐观。1）大金重工进军欧洲风电母港服务，中国风电企 业在全球竞争力不断增强；2）中国电建 2026 年风机框架招标量增幅较大，对 2026 年风电装机预期乐观。 核聚变板块核心观点：国核自仪与合肥能源研究院共建"聚变堆自主可控 及智能控制技术联合研究中心"，产业与科研合力攻坚聚 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Insights - The wind power equipment sector is experiencing positive fundamentals, with price increases for LFP (Lithium Iron Phosphate) and separators [1] - The report highlights a strong demand for energy storage and the upward trend in lithium battery material prices [5] - The report emphasizes the strategic partnerships and expansions among key players in the lithium battery and energy storage sectors [5] Summary by Sections Lithium Battery Sector - LFP prices have increased by over 3000 yuan per ton, with long-term contracts covering over 1 million tons signed by major companies [12] - The price of lithium battery separators has been raised, with wet separators increasing by 30% [13] - Notable contracts include Nord's agreement to supply over 373,000 tons of copper foil to a major client over three years [14] and Enjie’s acquisition of a company to expand separator production capacity by 4 billion square meters [16] Energy Storage Sector - The National Development and Reform Commission has included energy storage facilities in the 2025 REITs project scope, indicating a growing recognition of energy storage's importance [22] - A significant upgrade project in Henan aims to enhance coal-fired power plants' flexibility and efficiency, with 33 projects totaling 4.8GW planned [23] Power Equipment Sector - Starting in 2026, the proportion of fixed costs recovered through capacity pricing will increase to no less than 50%, up from 30% in previous years, marking a significant shift in the power market [26] Photovoltaic Sector - The report notes a stable price for silicon materials, with the average price for polysilicon remaining at 52 yuan per kilogram [33] - Silicon wafer prices have decreased, with expectations of further reductions due to high inventory levels and weak demand [33] Wind Power Sector - The report indicates ongoing progress in offshore wind projects, with several major projects in China and Europe moving forward [5] - Key companies benefiting from this trend include leading cable manufacturers and turbine producers [5]

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report expresses a positive outlook on the hydrogen, ammonia, and methanol sectors, as well as the energy storage industry chain, highlighting significant investment opportunities [2][20]. - Domestic energy storage has shown strong bidding data, with November seeing a total of 10GW/29.7GWh completed, predominantly from independent storage projects [1][6]. - The report emphasizes the ongoing demand for energy storage in the U.S. and other countries, particularly in the context of data centers and reconstruction efforts in Ukraine [2][6]. - The hydrogen, ammonia, and methanol sectors are expected to gain more investment due to favorable policies and market conditions, particularly in light of the EU's carbon tariff [2][20]. Summary by Sections Energy Storage - Domestic energy storage remains robust, with high levels of bidding activity and production expected to continue into 2026 [1][6]. - The U.S. continues to face electricity shortages, driving demand for energy storage solutions, particularly in data centers [2][6]. - The report notes that the independent energy storage market is expected to establish a complete revenue model through various market segments [1]. Wind Power - The report indicates a significant increase in domestic wind power installations, with a 52.86% year-on-year growth in new installations from January to October 2025 [8][12]. - The bidding capacity for wind power equipment has also seen substantial growth, with a 90% increase in 2024 compared to the previous year [12][20]. Lithium Battery - The report highlights a stable production outlook for lithium batteries, with expectations for strong demand in December, particularly from the new energy vehicle sector [21][24]. - The supply chain for lithium materials is expected to stabilize, with a focus on investment opportunities in lithium mines and separators [21][24]. Investment Recommendations - The report suggests focusing on companies involved in overseas wind power and energy storage, particularly those that can benefit from the growing demand in Europe and the U.S. [20][24].

证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 7 日 [Table_Title] 看好变压器&燃气轮机海外需求，机器人产业化推 进 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 随着海内外企业布局加速&AI 技术突破，人形机器有望迎来量产落 地时点。在降本需求的驱动下，人形机器人核心零部件的国产替代 需求强烈，市场空间广阔，率先取得突破的国内企业有望深度受 益。灵巧手、大脑和轻量化是人形机器人商业化落地的关键环节， 重点看好技术迭代和产业演进领先的国内生产厂商。 多家车企公布 11 月新能源汽车交付/销量 我们认为，在行业旺季趋势下，11月国内多数车企实现新能源汽车 交付/销量环比增长，全年新能源汽车表现亮眼。明年展望来看， 国内新能源汽车预计保持稳定增长，商用车电动化率提升叠加单车 带电量的增加预计带动动力电池需求较快增长。叠加国内外储能高 景气度，预计全年锂电池出货同比增长明显。在前期供给过剩导致 价格大幅下跌的背景下，动力及储能电池产业链多数企业出现亏 损。在"反内卷"趋势下，叠加海内外动储需求共振，电池及材料 环节迎 ...

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The report highlights that the European offshore wind catalysis continues to strengthen, and the supply-demand pattern of lithium batteries is improving [1] - The overall performance of the power equipment sector shows positive changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [7] Summary by Sections Recent Trends - The power equipment sector has shown a performance of -5.4% over the last month, 10.2% over the last three months, and 33.1% over the last year, compared to the CSI 300 index [3] Key Events and Insights - In the photovoltaic sector, there is a continued decline in prices for silicon wafers, batteries, and modules, with a significant reduction in domestic polysilicon production by 15.9% month-on-month in November [4] - In the wind power sector, domestic offshore wind turbine bidding has reached 10.3GW, a 9% increase from the previous year, with significant developments in emerging markets [5] - The energy storage sector is seeing growth, with Trina Solar's energy storage shipments expected to exceed 5GWh in Q4, and a focus on overseas markets [5] - The lithium battery industry is experiencing high prosperity, with production expected to remain at a historical high of around 220GWh in December [5] Recommendations - The report suggests focusing on companies in the silicon material sector such as GCL-Poly and Tongwei, as well as battery technology firms like LONGi Green Energy and Aiko Solar [4] - For wind power, companies like Dongfang Cable and Goldwind Technology are recommended due to their involvement in significant projects [5] - In the energy storage space, leading integrators and cell manufacturers such as Sungrow Power and CATL are highlighted as key players [5] - The lithium battery sector is advised to focus on leading companies like CATL and Yiwei Lithium Energy, as the industry is moving towards a more rational growth phase [5]

Core Insights - Suzlon Energy, India's largest wind turbine manufacturer, is set to build three AI-driven smart blade factories, responding to the growing demand in the Indian wind energy market [1][2] - The new factories will enhance manufacturing capacity and speed up order execution, with an annual capital expenditure of approximately 55 billion INR allocated for this initiative [2] - The integration of automation, digital workflows, and smart monitoring in these factories aims to elevate production efficiency and quality control, marking a significant shift from traditional manufacturing to intelligent manufacturing [2] Market Position and Strategy - Suzlon serves a fleet of 50 GW of wind turbines operating in India and possesses the deepest maintenance network in the industry, highlighting its critical market position [1] - The new factories will be located in Gujarat and Karnataka, two major wind energy corridors in India, with a third site under consideration [1] - The company’s CEO emphasizes that the next five years will be crucial for determining whether wind energy can become a mainstream energy source in India [2] Technological Innovation - The core of Suzlon's strategy lies in technological innovation, with the three AI smart factories focusing on automation, digital workflows, and smart monitoring as key pillars [2] - This technological integration is expected to enhance production efficiency and precision in quality control, facilitating a transition from "manufacturing" to "intelligent manufacturing" [2] Future Outlook - The ongoing AI empowerment is anticipated to further unlock the potential of green energy, encouraging more companies to engage in the wave of intelligent manufacturing [4] - Suzlon's initiatives are seen as a catalyst for the renewable energy sector, contributing to the global energy transition [4]

Investment Rating - The report maintains a positive investment rating for the power equipment industry, recommending specific companies for investment opportunities [1][2]. Core Insights - DeepSeek has launched a new generation model, DeepSeek-V3.2, achieving GPT-5 level performance while reducing computational costs by 40% compared to equivalent GPU systems [1][56]. - Amazon has introduced its next-generation self-developed chip, Trainium3, which significantly lowers AI model training and operational costs [1][56]. - The approval of the Panxi UHV project, with a total investment of approximately 231.77 billion yuan, aims to enhance the power supply capacity in Sichuan [1][58]. - The release of the "Digital Evaluation Index for Distribution Networks (2025)" aims to standardize the digital transformation of distribution networks [1][59]. Summary by Sections Power Equipment - Recommended companies include Dongfang Electric, Shunhua Power, and others, with a focus on digitalization and UHV projects [1]. - The report highlights the approval of the Panxi UHV project, which will improve the backbone power grid in Sichuan [1][58]. - The digital evaluation index for distribution networks has been published to guide the digital transformation of the sector [1][59]. Renewable Energy - The report emphasizes the ongoing development in the renewable energy sector, particularly in energy storage and wind power [2]. - Companies such as Sunshine Power and CATL are recommended for their strong positions in the energy storage market [2]. - The report notes the increasing number of policies supporting new energy storage construction [2]. Robotics and Automation - The report mentions the U.S. government's focus on accelerating the development of robotics technology, with recommended companies in the humanoid robot sector [3]. - Companies like UBTECH and Wuzhou Xinchun are highlighted for their potential in the robotics field [3]. Photovoltaics - The extension of the U.S. solar import tariff exemption until November 2026 is noted, with recommended companies in the photovoltaic sector [3]. - Companies such as GCL-Poly and Tongwei are highlighted for their strong market positions in solar energy [3].

Core Viewpoint - The company plans to sign a financial services agreement with its affiliate, Electric Finance, to receive deposit and credit services, which will be subject to shareholder approval [1] Summary by Relevant Sections Financial Services Agreement - The agreement will have a validity period of one year or until the next annual agreement is approved by the shareholders, whichever is later [1] - The maximum daily deposit balance is set at 5.6 billion yuan, while the maximum loan balance is 7.3 billion yuan [1] - Deposit rates will reference the central bank's rates for similar deposits, and loan rates will reference the loan market quotation rate [1] Impact on Shareholders - The transaction does not constitute a major asset restructuring and is still subject to shareholder meeting approval [1] - The transaction adheres to the principle of fairness, ensuring that shareholder interests are not harmed and that the company does not become dependent on the affiliate [1]